2023-08-04 10:30:00
Islam Saeed wrote Friday, August 04, 2023 01:30 PM Continue gold prices In Egypt, its stability, today, Friday, at 2150 pounds per gram of 21 karat – which is the best-selling in Egypt – amid a lull in sales bygold market in Egypt.
Gold prices in Egypt today:
21 karat records 2150 pounds.
18 karat records 1842 pounds.
24 karat records 2460 pounds.
The gold pound is 17,200 pounds
gold in the global stock exchange
Gold prices are trading near their lowest levels in 3 weeks, following the significant decline recorded by the precious metal since the beginning of the week due to US economic data that prepared a big boost for the US dollar, while gold failed to benefit from Fitch Ratings’ announcement of downgrading the US rating.
The spot gold price is trading today, Friday, at $1936 an ounce, following hitting its lowest level in 3 weeks at $1930 an ounce. This comes following yesterday’s decline by 0.5%.
Gold prices are currently trading above the important resistance level of $1930 an ounce, which is the last barrier before gold’s decline to $1900 an ounce.
Gold prices fell during the past two days by $30 an ounce in light of the strength of the dollar and the high yield on US bonds. The main reason behind this decline is the US economic data that supported the scenario of continued monetary tightening by the Federal Reserve and the possibility of another hike in interest rates during the remainder of the year. According to Gold Bellion
Yesterday, the ADP report for US private sector jobs for the month of July was released, and the report showed that 324 thousand new jobs were recorded, compared to expectations of 191 thousand, and a previous reading of 455 thousand jobs.
The data raised expectations that the Federal Reserve is still free to raise interest rates once more, especially since the employment sector continues to perform strongly, which supports the rise in inflation significantly.
Yesterday, Wednesday, the US dollar jumped by 0.6%, according to the dollar index, which measures its performance once morest a basket of 6 major currencies. Today, it also continued to rise by 0.1%, to reach its highest level in 4 weeks.
The US dollar got support from the economic data, in addition to the increase in the yield on US government bonds. The yield on the 10-year bond rose for the fourth day in a row, and recorded the highest level since November 2022 at 4.169%.
Gold is associated with an inverse relationship with the dollar and bond returns, since the precious metal does not provide a return to its holders compared to bonds that provide a return that increases with the increase in interest, and this also supports the dollar in which gold is priced, and thus gold and the dollar move in an inverse relationship
Tomorrow, the markets are awaiting data from the US government jobs report for the month of July, which is the most important report in measuring the performance of the employment sector and the health of the US economy, which may indicate to the markets the next step for the Federal Bank’s monetary policy.
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